Sample mean-standard deviation-hypothesis
Course:- Basic Statistics
Reference No.:- EM13109860

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A group of young businesswomen wish to open a high fashion boutique in a vacant store, but only if the average income of households in the area is at least $25,00.A random sample of 9 households showed the following results:

$28,000 $23,000 $24,000 $24,000 $27,000 $26,000 $26,000 $25,000 $22,000
(Assume the population of incomes is normally distributed)

-Compute the sample mean and the standard deviation

-State the hypotheses for this problem

-Compute the test statistic

-At 95% confidence, using the p-value approach, what is your conclusion?

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